December 2010 Current Events: Business News

Here are the key events in business and science news for the month of December 2010.

U.S. Extends Moratorium on Offshore Drilling off Eastern Gulf Coast, Along Atlantic Coast (Dec. 1): The Obama administration announces that it will extend the moratorium on offshore drilling off the Easter Gulf Coast and along the Atlantic Coast until stricter environmental and safety regulations are implemented. This announcement rescinds the earlier decision that the administration would allow the oil exploration of those areas.

Jobless Rate Rises to 9.8%; Only 39,000 Jobs Added in November (Dec. 3): In a disappointing hard hit to the fragile economy, the unemployment rate in the U.S. rises to 9.8%, up from the rate of 9.6%, where it had remained steady for several months. Only 39,000 jobs were added in the month of November, a very small number compared to the 15 million people currently looking for full-time work.

Senate Passes Tax Cut Compromise (Dec. 15): In a vote of 81 to 19, the Senate passes a $858 billion tax package, that among other things extends the tax cuts to all Americans, including those earning high incomes. President Obama promised during his campaign for the presidency that he would repeal those same Bush-era tax rates, but decided to compromise with Republicans in this bill so he could push forward with another economic stimulus package. Liberal Democrats and Tea Partiers both criticized the new bill. House Speaker Nancy Pelosi vowed to pass an amendment to raise the taxes for the wealthy before she would allow the bill to pass, though other Democrats didn't believe the amendment would pass. (Dec. 17): The House of Representatives approves the new tax package that included in the end a $801 billion package of tax cuts and $57 billion for extended unemployment insurance.